LONDON, United Kingdom — British CBD startup TRIP has raised $5 million in funding, as the lucrative cannabidiol market continues to hurtle towards a predicted $20 billion in value.
The brand’s first public raise since its launch in 2019 drew backing from Depop CEO Maria Raga, serial entrepreneur and investor Christian Angermayer, and others. According to TRIP, it will use the capital to bolster the launch of its CBD beverages and oils in the US, grow its team and drive its plans for international growth.
Alongside news of the funding, TRIP also announced it has been selected to join Sainsbury’s Future Brands incubator programme, making it the first CBD brand to be chosen. Its RTD cans will launch into 400 of the supermarket’s stores as part of the initiative.
With a further deal confirming the startup as the exclusive CBD supplier to Soho House Group, its products will also soon be available across the private members club, its hotels, spas and restaurants around the world.
Speaking about the brand’s recent growth, Co-Founder Olivia Ferdi told Welltodo:
“Now more than ever, the world is recognising that mental health is intrinsic to good health. Our mission has always been to share calm in the everyday chaos — changing perceptions of wellbeing and building new lifestyles with our TRIP range and CBD expertise. We’re excited to take this next step for TRIP together with these amazing partners.”
Founded by Ferdi and her husband Daniel in 2018, after Daniel tried CBD oil in an attempt to rehabilitate a knee injury, TRIP quickly attracted a cult following due to its aspirational branding and strong focus on taste.
In addition to being stocked in over 2000 locations in the UK, including Selfridges, Harvey Nichols, Equinox and Liberty, last year the brand inked a partnership with delivery company Deliveroo.
The deal saw TRIP’s portfolio of products available to order in select parts of the country, such as London, Manchester and Leeds — a partnership which is now expanding to 15 sites across the UK, to cater to new consumer behaviours in a post-covid world.
The startup’s recent raise signals its strong brand proposition in catering to this shift in lifestyle, as well as the growing market for alcohol alternatives. And Ferdi says the team is now focused on making sure TRIP’s consumer touchpoints across functional beverage, beauty and supplements speak to these new attitudes around everyday wellbeing.
“With an incredible number of consumers having their first CBD experience with TRIP, the response from our community has been phenomenal, particularly during this period of heightened uncertainty and anxiety,” she told Welltodo.
“As the world opens back up — we look forward to CBD continuing to facilitate important conversations around wellbeing, evolving to become an accessible daily lifestyle essential that will truly hit the mainstream across functional drinks, beauty, new work and social occasions.”